VANCOUVER, BC -- (MARKET WIRE) -- August 23, 2006 -- Ascendant Copper Corporation (TSX: ACX)
("Ascendant" or the "Company") announced today that preparation for an
exploration drilling program, which includes camp rehabilitation and
construction of road access, at its Chaucha copper-molybdenum, gold, and
silver porphyry project is expected to be completed by the end of August
with drilling to commence by mid-September. The Chaucha property consists
of the 3,000-hectare (7,413-acre) Janeth 1 concession located 70 km to the
west of the town of Cuenca in the Chaucha parish of the Azuay province of
southern Ecuador on the western slope of the Anders in the Cordillera
Occidental.

Historical exploration work on the Chaucha porphyry system discovered six
priority targets: Naranjos, Pita Medio, Gur-Gur/Rio Lanto, Loma de Tunas,
Malacatos, and San Gabriel. Prior work in the Gur-Gur area by BHP Billiton
("BHP") in 1998 resulted in a geologic estimate of 43.4 million tonnes of
mineralization containing 516 million lbs of copper (Cu) (0.4% copper
cutoff) and 28 million lbs molybdenum (2). Commencing as early as 1972 and
continuing through 1995, some limited exploration work, including some
drilling and assaying, was carried out on four of the six target areas by
several entities. Based on this work and as reported by Micon
International in a 43-101 report prepared by them for the Chaucha property
(2), the Naranjos target area is estimated to contain 120 million tonnes of
copper mineralization averaging 0.4 to 0.5% Cu (0.3% copper cutoff) and
0.02 to 0.03% molybdenum. The other areas in aggregate are estimated to
contain approximately 40 million tonnes of copper mineralization averaging
0.2 to 0.3% Cu (0.2% copper cutoff) (3).

Ascendant has contracted with a local drilling company, Micusa Drilling
Ltd. S.A., to complete a US$600,000 drilling program on the Chaucha
concession. A LongYear 44 drill rig has been purchased and is being
imported into Ecuador from Chile, with delivery expected in early
September. The drill exploration program will consist of 5,000 meters of
drilling for 10-12 holes to a depth of up to 600 meters.

The Company has completed an Environmental Impact Study which has been
approved by the Ministry of Energy and Mines. The local communities have
been approached and informed about the project. "The people are ecstatic
about the Chaucha Project being brought back to life," says Gary E. Davis,
President and CEO of Ascendant. "Drill pads are currently being
established so that drilling can commence immediately upon the drill rig
arriving on site."

The drill access road, which is in the process of final widening and
grading, is within 1,000 meters of the existing Naranjos exploration camp
located on the concession. The Naranjos field camp has been rehabilitated
to the point where geologists and support staff are living at the site.
Housing for the drill crew and the buildings to support the drill
exploration program will be ready for use by the end of this month.

Exploration geologic work completed by the Company to date includes
relogging of the historic BHP core from the Gur-Gur target area as well as
the historic Japanese-Belgium mission core from the Naranjos and Pita Media
target areas. Regional geologic mapping of the Janeth 1 concession is
nearing completion.

Recent reconnaissance soil sampling has been completed in the Naranjos,
Loma de Tunas, and Pita Media target areas. The geochemical results from
these soil samples show strong copper and molybdenum anomalies that have
not been drill tested. Especially encouraging are the results from the
Loma de Tunas ridge and the southbound ridge at Pita Media.

The Loma de Tunas ridge copper anomaly (+ 600 ppm Cu) is over 1,200 meters
in length and 600 meters in width with a central area (750 m x 600 m) of
over 1,200 ppm Cu. Numerous individual soil samples, especially those
located on both of the side slopes of the Tunas ridge line, exceed 4,000
ppm Cu, which suggests either the presence of an enrichment zone or primary
copper mineralization associated with hydrothermal brecciation.

The Pita Media anomaly (+2500 ppm Cu), although smaller in size (750 m x
600 m), is more pronounced in grade (up to 9,500 ppm Cu.). The
hydrothermal breccias encountered in the historic drill campaigns just to
the west of this area suggest this copper anomaly may be a reflection of
significant primary grade mineralization in bedrock.

After detailed remapping of the float from both the Loma de Tunas and Pita
Media areas, the geologic interpretation is that this mineralization
represents a high-level zone where hydrothermal breccias are beginning to
breach through the older Lomas de Tunas porphyry, although enrichment
cannot be ruled out. This is the same style of mineralization encountered
at Gur-Gur where the BHP drill holes intersected continuous hydrothermal
brecciation and mineralization that averaged 0.6% Cu. over 120 meters
(Holes DDH 2 & 3). It should be noted, however, that these historical
results were derived prior to the implementation of NI 43-101 and may not
be compliant with NI 43-101 measures.

This release was reviewed by John R. King, Executive Advisor to Ascendant,
who is a Fellow in good standing of the Society of Economic Geologists
(SEG) and who has an application pending for Qualified Person status as
defined in National Instrument 43-101, Standards of Disclosure for Mineral
Projects ("NI 43-101").

Ascendant's principal business is the exploration for copper in Ecuador.
The primary property is the Junin Project located in northern Ecuador, a
copper-molybdenum, gold and silver porphyry property with an inferred
mineral resource of 982 million tonnes grading 0.89% copper, 0.04%
molybdenum and 1.9 grams per ton of silver, at a 0.4% copper cut-off grade
(1). The Company is advancing the Chaucha property located in southern
Ecuador, a copper-molybdenum porphyry overlain by an extensive supergene
blanket. The Chaucha property is currently classified as a geologic
mineral property (2). The Company recently purchased the Telimbela
copper/molybdenum property in south/central Ecuador, which project is in
the early stages of exploration.

(3) Because of the uncertainty that may attach to these preliminary
estimates, it cannot be assumed that all or any part of this reported
mineralization will be upgraded to a mineral resource category as a result
of continued exploration. See www.sedar.com "Final Long Form Prospectus."

The Toronto Stock Exchange does not accept responsibility for the adequacy
or accuracy of this news release.